By Opeyemi Adelakun
Social media influencer Martins Vincent Otse, popularly known as VeryDarkMan, has attracted criticism on X after sharing documents relating to an individual who reportedly invested ₦18,000 in Dangote Flour Mills shares in 2007.
VeryDarkMan posted documents which he said showed that the investor purchased 1,200 shares at ₦15 each.
He also shared records indicating that the investor received dividend payments in subsequent years, including ₦324 and ₦216 in 2009 and another ₦108 in 2012.
The influencer subsequently urged subscribers to the ongoing Dangote Refinery Initial Public Offering (IPO) to watch his video, apparently presenting the historical investment as something prospective investors should consider.
His post, however, triggered a debate on X, with several users questioning whether the 2007 investment provided a fair basis for assessing the current Dangote Refinery offer.
One user, @bisiTaiwo argued that the experience should be considered in the context of the global financial crisis, which severely affected stock markets around 2007 and 2008.
The user said many Nigerians who invested in banks, insurance companies and other major firms during that period also suffered losses, stressing that the downturn was not peculiar to Dangote Flour Mills.
Another commentator, @Temitope24, questioned the expectations surrounding the original investment.
“Putting ₦18,000 into shares comes with risk. What level of return was the investor realistically expecting from such an amount?” the user wrote.
A different respondent, @ajuwon01, said the old investment should not automatically be presented as evidence against the current refinery IPO.
According to the user, investors should examine the offer documents, business prospects and prevailing market conditions before deciding whether to subscribe.
Another X user, @OluwaGeorge accused VeryDarkMan of creating unnecessary fear around the IPO.
The user argued that people already understand that equities can gain or lose value and should be allowed to make investment decisions based on available information.
Similarly, @Tobireal said anyone entering the capital market should understand that there are no guaranteed returns.
“Shares are not fixed deposits. Their value can rise or fall depending on the company and the market,” the user said.
Another commenter, @FinanceMan questioned whether VeryDarkMan had the professional background to provide investment guidance, urging prospective subscribers to rely on regulated financial advisers and official offer documents.
Meanwhile, @TheRealBisi asked why the influencer was focusing on the historical Dangote investment when discussing the refinery IPO, arguing that the two investments should not be treated as identical.
Some users also noted that the Dangote Flour Mills investment dated back to a period of significant turbulence in the global and Nigerian capital markets.
The debate comes as the Dangote Refinery IPO continues to generate widespread public interest, with the offer providing investors an opportunity to acquire shares in the $49 billion refinery project.
The IPO involves 4.1 billion ordinary shares priced at ₦525 each, with prospective investors required to consider the terms and risks outlined in the official offer documents before subscribing.
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